Juanita Is a Sole Proprietor Who Has Some Outstanding Receivables

question 24

Multiple Choice

Juanita is a sole proprietor who has some outstanding receivables she wishes to sell.The receivables have a $16,000 FMV and a basis of $10,000.Juanita sells the receivables for $12,500.What gain or loss does Juanita recognize on the sale?

• A)$3,500 capital loss.
• B)$3,500 ordinary loss.
• C)$2,500 capital gain.
• D)$2,500 ordinary gain.

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